UCI Co., Ltd. (KOSDAQ:A038340) entered into stock purchase contract to acquire 38.7355% stake in ITS Corporation Ltd. for KRW 3.1 billion on December 7, 2022. As a part of transaction, UCI will acquire 1,169,812 shares of ITS corporation ltd. In related transaction, UCI Co., Ltd. also acquiring 755,000 shares as third party allocation. After completion of both transactions, UCI will hold 50.99% stake in ITS Corporation.

For the period ended September 30, 2022, ITS Corporation reported total assets of KRW 6.8 billion and total stockholders equity of KRW 6.7 billion. The transaction is expected to complete on December 13, 2022. As of December 13, 2022, Transaction is expected to close on December 20, 2022.

As of December 20, 2022, the transaction is expected to close on January 10, 2023.